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The Dawson Corporation projects the following for the year 2012:
Earnings before interest and taxes $35 million
Interest expense 5 million
Preferred stock dividends 4 million
Common stock dividend payout ratio 30%
Common shares outstanding 2 million
Effective corporate income tax rate 40%
If Dawson Corporation’s common stock is expected to trade at a price/earnings ratio of eight, the market price per share (to the nearest dollar) would be